Question 1

When cash is paid for supplies,

Accepted Answer

A)   Supplies is increased.
B)   Supplies is credited.
C)   the balance of Supplies is decreased.
D)   none of these.

Question 2

When cash is paid on account, the amount is recorded in the

Accepted Answer

A)   Accounts Payable Debit column and Cash Credit column.
B)   Sales Credit column and Cash Debit column.
C)   General Debit column and Cash Credit column.
D)   Cash Debit column and General Credit column.

Question 3

If an error is recorded in a journal entry,

Accepted Answer

A)   cancel the error by drawing a neat line through the error.
B)   correct the entry by writing the correct item above the canceled error.
C)   do not erase the incorrect item.
D)   all of these.

Question 4

Select the one term that best fits each definition.
-A business form giving written acknowledgement for cash received.

Accepted Answer

A)   check
B)   double-entry accounting
C)   entry
D)   invoice
E)   journalF)  journalizingG)  memorandumH)  proving cashI)  receiptJ)  sales invoiceK)  source document

Question 5

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

Accepted Answer

A) True 
 B)False

Question 6

Every business uses the same journal to record transactions.

Accepted Answer

A) True 
 B)False

Question 7

A transaction recorded in a journal is not considered a permanent record.

Accepted Answer

A) True 
 B)False

Question 8

On each journal page, the date is written

Accepted Answer

A)   for each entry.
B)   only for the first entry.
C)   on the first line of each column.
D)   none of these.

Question 9

Select the one term that best fits each definition.
-Determining that the amount of cash agrees with the accounting records.

Accepted Answer

A)   check
B)   double-entry accounting
C)   entry
D)   invoice
E)   journalF)  journalizingG)  memorandumH)  proving cashI)  receiptJ)  sales invoiceK)  source document

Question 10

A single line ruled across the journal's amount columns indicates

Accepted Answer

A)   the date is the last day of the month.
B)   the totals have been verified as correct.
C)   that columns are to be totaled.
D)   none of these.

Question 11

A receipt is the source document for cash received from transactions other than sales.

Accepted Answer

A) True 
 B)False

Question 12

To correct an error in a journal, one can simply erase the incorrect item and write the correct item.

Accepted Answer

A) True 
 B)False

Question 13

A complete journal entry consists of the date, the debit amount, the credit amount, and a source document.

Accepted Answer

A) True 
 B)False

Question 14

Select the one term that best fits each definition.
-A form on which a brief message is written to describe a transaction.

Accepted Answer

A)   check
B)   double-entry accounting
C)   entry
D)   invoice
E)   journalF)  journalizingG)  memorandumH)  proving cashI)  receiptJ)  sales invoiceK)  source document

Exam 3: Journalizing Transactions

On each journal page, the date is written

Correct Answer
verified

A receipt is the source document for cash received from transactions other than sales.

Correct Answer
verified

To correct an error in a journal, one can simply erase the incorrect item and write the correct item.

Correct Answer
verified

Select the one term that best fits each definition. -A business form giving written acknowledgement for cash received.

Correct Answer
verified

Select the one term that best fits each definition. -A form on which a brief message is written to describe a transaction.

Correct Answer
verified

Select the one term that best fits each definition. -Determining that the amount of cash agrees with the accounting records.

Correct Answer
verified

If an error is recorded in a journal entry,

Correct Answer
verified

A complete journal entry consists of the date, the debit amount, the credit amount, and a source document.

Correct Answer
verified

When cash is paid for supplies,

Correct Answer
verified

Every business uses the same journal to record transactions.

Correct Answer
verified

A transaction recorded in a journal is not considered a permanent record.

Correct Answer
verified

A single line ruled across the journal's amount columns indicates

Correct Answer
verified

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

Correct Answer
verified

When cash is paid on account, the amount is recorded in the

Correct Answer
verified

Exam 3: Journalizing Transactions

On each journal page, the date is written

Correct AnswerverifiedShow Answer

A receipt is the source document for cash received from transactions other than sales.

Correct AnswerverifiedShow Answer

To correct an error in a journal, one can simply erase the incorrect item and write the correct item.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition. -A business form giving written acknowledgement for cash received.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition. -A form on which a brief message is written to describe a transaction.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition. -Determining that the amount of cash agrees with the accounting records.

Correct AnswerverifiedShow Answer

If an error is recorded in a journal entry,

Correct AnswerverifiedShow Answer

A complete journal entry consists of the date, the debit amount, the credit amount, and a source document.

Correct AnswerverifiedShow Answer

When cash is paid for supplies,

Correct AnswerverifiedShow Answer

Every business uses the same journal to record transactions.

Correct AnswerverifiedShow Answer

A transaction recorded in a journal is not considered a permanent record.

Correct AnswerverifiedShow Answer

A single line ruled across the journal's amount columns indicates

Correct AnswerverifiedShow Answer

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

Correct AnswerverifiedShow Answer

When cash is paid on account, the amount is recorded in the

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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